Citi to Purchase Best Buy Credit Card Portfolio

Citi to Purchase Best Buy Credit Card Portfolio

Citigroup is buying Capital One's portfolio of Best Buy branded credit cards, allowing Capital One to end its Best Buy agreement early. The cards have loan balances of about $7 billion. The financial details were not released. The sale is expected to occur in the third quarter of 2013.

Capital One purchased the Best Buy portfolio from HSBC two years ago.

Citigroup already issues and manages retail cards for Macy's, Sears and Home Depot. Citi has almost 90 million store-branded accounts as it tries to grow in an area it once tried to sell.

Citi Retail Services CEO Bill Johnson said in a statement that the bank wanted "to grow and enhance Best Buy's relationships with their loyal and valued customers."

Capital One® Platinum Prestige Credit Card
View Offer

Capital One® Platinum Prestige Credit Card

Top Features: 0% Intro on Purchases and Balance Transfers until February 2016

Editor Rating:

Chase Slate®
View Offer

Chase Slate®

Top Features: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Capital One® Quicksilver® Cash Rewards Credit Card
View Offer

Capital One® Quicksilver® Cash Rewards Credit Card

Top Features: 1.5% cash back on all purchases, 0% intro on purchases and balance transfers until August 2015

Editor Rating:

Barclaycard® Ring MasterCard®
View Offer

Barclaycard® Ring MasterCard®

Top Features: Low 8% (V) APR on purchases and balance transfers

Editor Rating:

Capital One® Venture® Rewards Credit Card
View Offer

Capital One® Venture® Rewards Credit Card

Top Features: Unlimited 2x miles on every purchase, every day

Editor Rating: